FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report: May 22, 1997
PECO ENERGY COMPANY
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 1-1401 23-0970240
(State or other (SEC (IRS Employer
jurisdiction of file number) Identification
incorporation) Number)
230l Market Street, Philadelphia, Pennsylvania 19101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(215) 841-4000
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Item 5. Other Events
On May 21, 1997, the Company's Consumers Energy Services Group (CESG) employees
voted not to be represented by a union in secret balloting conducted by the
National Labor Relations Board (NLRB).
CESG employees cast 761 votes for "no union" and 523 votes for the Utility
Workers Union of America (UWUA).
The Company and the UWUA have seven days to file objections to the election.
Absent any objections, at the end of the seven days, the NLRB will certify the
results.
* * * *
As previously reported, on January 22, 1997, the Company filed with the
Pennsylvania Public Utility Commission (PUC) an application under the
Pennsylvania Electricity Generation Consumer Choice and Competition Act for
securitizing $3.6 billion of stranded and related transaction and use of
proceeds costs at this time.
On May 22, 1997, the PUC issued an order regarding the Company's application
allowing the Company to securitize $1.1 billion of its stranded and related
transaction and use of proceeds costs at this time.
The $1.1 billion of securitized costs allowed by the PUC order consists of the
following items:
$607 million Generation Plant
$373 million Regulatory Assets
$ 96 million 1996 Deferred Fuel Balance
$ 22 million Issuance and use-of-proceeds costs
(debt and preferred only)
The order defers without prejudice all other aspects of the Company's
securitization application. The Company expects that the PUC will consider any
further securitization of stranded and other costs in connection with the
Company's previously filed restructuring plan. An order regarding that filing is
scheduled for January 8, 1998.
* * * *
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PECO ENERGY COMPANY
s\ J. B. Mitchell
Vice President - Finance
and Treasurer
May 22, 1997
